Americans opting for payday loans on the rise

Considering how the costs of living are steadily rising it should come as no surprise that more families are living from paycheck to paycheck. This trend has been steadily increasing for the last several years and shows no signs of letting go. Helping families cope with the additional expenses have been a slightly increased minimum wage, but this has barely even begun to assist those workers who were making slightly better than minimum wage.

Overall, the economy for many people looks scary and bleak and tends to leave a stack of bills unpaid and emergency fund accounts on the empty side. Problems always occur when it is time to try to decipher exactly how to pay all of those bills and restore the funds that were in the emergency account. No family wants to be completely broke, but with the costs of living steadily rising and pay raises coming less frequently more families are finding themselves in this position.

To help fill the gaps that paychecks leave behind many families have been forced to seek out new and creative ways of covering expenses. The most popular tends to be the payday loan advance simply because of how simple they are. Almost anyone can qualify for the loan and the amounts are small enough to be helpful, while still allowing a fast payoff to keep them from being a huge burden on expenses continuously. Families that are struggling to stay afloat find that often a payday loan is one of the few things that can really be helpful.

Consider that when you apply for a personal loan you are required to use something that you own as collateral, in addition to the massive stack of paperwork that must be provided, as well as in addition to a credit check and time off from work. This can create some problems when it comes to ensuring that everything goes well and smoothly during the entire process. You simply cannot imagine how difficult the process can really be. A payday loan on the other hand can take less than 30 minutes from start to finish and can generally be easily arranged on a lunch break making them highly time efficient.

With no sign of relief coming in terms of lower costs of living, it will be very difficult for families to continue making ends meet. There is almost nobody that is starting out and able to really pull the money together to meet all needs. Unfortunately, raises are scarce, and bills are plenty and struggling to cover them all can be a hassle. Consider as well the problems that can occur if you miss work for a day when you already heavily rely on a paycheck. Without the money that you have come to count on, you are in a financial bind quite quickly.

Payday advance loans are not the magical solution to all financial problems, but they are certainly a great option when things are a bit tight to help you survive until you can catch up on bills. Working with a responsible payday lender and using the loans responsibly can help you ensure that you are always able to take care of your family‚Äôs needs, without having to struggle or feel as if you are drowning in debt.…

Can you be rejected for a payday advance

While the concept of getting a payday loan or cash advance may seem like a very simple process that cannot go wrong, you would be surprised to know that it is possible to be rejected. While the absolute majority of the people who apply for loans are approved, there are some circumstances that can lead your application to be declined. There are some things that you can do to avoid this situation, but knowing in advance what can cause your application to be declined can be a huge help in avoiding the situation.
Can you be rejected for a payday advance
First, in order to be approved for a cash advance you must have a checking account. Additionally, most cash advance lenders will not approve your account if it is a business checking account. The account must be a personal checking account, and your name must be listed on the account. In addition to having a checking account the majority of lenders require that the account not have a negative balance at the time of application. Many also require no negative transactions for the last 30 days as well, this means you account should not have a negative balance at all during that period.

Another common problem that can cause a rejection is not having a job. While a steady source of income can often be supplemented instead of a paycheck such as a monthly government check, most lenders are going to want to see a good steady source of income. If you have not been on your job long, you are typically not denied. However, having no income that is verifiable will almost always result in a rejection. Ensure that you have at least one pay stub that you can take with you to apply. Be aware that many payday lenders do want to see more than one pay stub, you can call ahead and ask about their exact policy in regards to pay stubs.

Proof of residence is something that you are going to need. The payday lender is not going to be impressed that you live at the third house on the fourth road down the block past the brown cow. Instead, they are going to want something that is verifiable, such as a piece of mail, or even a copy of a lease. You must have something to verify your address in order for the payday advance application to be approved. Very seldom will an application be approved without a verified address.

The last major reason that can cause a rejection in your application is if you have had a cash advance before, and not paid the advance. Typically, cash advance lenders report bad transactions to a central database that allows others to view any loans that you have defaulted on. If you have been reported as defaulting on a loan previously, the chances of having a loan in the future approved is typically quite slim. If you have any doubts about this, check over your records carefully to ensure that you keep track of all payday loans to ensure that you are keeping track of all payments. If you let a loan default it can also be put on your credit as well, which can give another red flag to any cash advance lenders that do check credit as well.…